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Torpoleon said:

Would be great if they could use Ultimate as the base for the next game as opposed to working from scratch. Just add new characters, stages, items, etc.

I'm pretty sure Nintendo won't get nearly all the rights for the different characters that Ultimate has back. I expect about 20 cut characters, with a couple new entries from yet unused Nintendo IP and some indie titles (where getting the rights should be easier and cheaper than for AAA characters).